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FTSE 100 holds steady in early trade Shares boosted by ECB report
(about 4 hours later)
(Open): The London market was little-changed in early trade as investors digested a number of company results. (Noon): After a quiet start to the day, stocks across Europe rose after a report said the European Central Bank was considering new moves to stimulate the eurozone's economy.
The benchmark FTSE 100 index fell as trading got under way before recovering to stand down just 0.87 at 6,266.20. Reuters reported that the ECB was thinking of buying corporate bonds in the secondary market, a move which is seen as helping banks.
Reckitt Benckiser shares fell 2.5% after it reported third-quarter sales growth that was slower than expected. In London, the benchmark FTSE 100 was up 50.98 points, or 0.8%, at 6,318.05.
Germany's Dax index was up 1.5% and France's Cac 40 was 1.7% higher.
"[Corporate bond purchases] would help alleviating some of the pressures which weigh on the banks' balance sheet and that needs to be seen in the context of the upcoming asset quality review," said AXA Investment Managers' chief strategist Franz Wenzel.
"It would also help those corporates and those regions which were having difficulties in issuing corporate bonds, and I'm thinking of the south."
In London, shares in oil producers were lifted as the price of oil stabilised. Brent crude rose 55 cents to $85.95 a barrel and US crude also climbed 55 cents to $83.26 a barrel.
BP shares were up nearly 2% and Royal Dutch Shell rose by more than 1%.
Shares in chip designer Arm Holdings fell 5.6% after its third-quarter results fell short of expectations.
The company reported a 9% rise in pre-tax profits to £101.2m, with revenues up 12% at $320.2m (£198m).
Reckitt Benckiser shares fell 1.7% after it reported third-quarter sales growth that was slower than expected.
Like-for-like sales, excluding its pharmaceuticals business which is set to be spun off, rose 3%, against analysts' forecasts of 3.7%.Like-for-like sales, excluding its pharmaceuticals business which is set to be spun off, rose 3%, against analysts' forecasts of 3.7%.
Chip designer Arm Holdings rose 1.9% after its third-quarter results. The company reported a 9% rise in pre-tax profits to £101.2m, with revenues up 12% at $320.2m (£198m). Outside the FTSE 100, shares in online retailer Asos soared 16% on the back of its full-year results.
But GKN topped the risers' board, climbing 2.5% after it reported a 6% rise in third-quarter pre-tax profit to £139m and said it expected to make "progress" in 2014.
Intercontinental Hotels Group (IHG) fell 2% despite it reporting growth in revenues in the July-to-September period.
Revenue per available room (RevPAR) rose by 7% in the quarter overall, with strong growth in the US.
"We delivered our best quarterly RevPAR performance in over two years with growth in each of our four regions," said IHG chief executive Richard Solomons.
Outside the FTSE 100, shares in online retailer Asos soared 15% on the back of its full-year results.
Asos - which has issued three profit warnings in the past year - saw profits fall 14% to $46.9m after being hit by the strength of sterling and a major warehouse fire. However, total sales rose 27% to £955.3m.Asos - which has issued three profit warnings in the past year - saw profits fall 14% to $46.9m after being hit by the strength of sterling and a major warehouse fire. However, total sales rose 27% to £955.3m.
On the currency markets, the pound was flat against the dollar at $1.6162, while against the euro it fell 0.2% to 1.2598 euros. On the currency markets, the pound fell 0.1% against the dollar to $1.6148, but rose 0.25% against the euro to 1.2659 euros.